Musk warns Twitter🐥, HDFC acquires Xanadu Realty🏢, LIC falls on Day 1📊
Twitter deal dead without proof of fake accounts, HDFC and HDFC Life buy stake in Xanadu Realty, LIC falls on Day One, Funding Deals & more.
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Twitter deal can’t go ahead without proof of fake accounts, warns Musk🙅🏻♂️
Elon Musk has said his deal to acquire Twitter “cannot move forward” until the social media platform proves its claim that fake and spam accounts account for less than 5% of its users.
Musk claimed once again that by his estimates, such accounts could make up more than 20% of Twitter’s users.
The number referred to here is Twitter’s monetisable users who are active on the platform daily. The company claims it has 226 million such users and that less than 5% of these are fake or spam accounts.
There’s been speculation that Musk is using the bots issue to negotiate a lower price for Twitter than the $44 billion he has offered.
HDFC and HDFC Life buy stake in Xanadu Realty for an undisclosed sum🏗️
HDFC and its subsidiary HDFC life insurance company have acquired a stake in real estate business accelerator firm Xanadu Realty after making a strategic investment in the company for an undisclosed sum.
The investment will bolster Xanadu Realty’s plans of strategic expansion initiatives and creating proprietary tech platforms.
The firm claims to have grown 10 times in sales delivery since its inception in 2016. It has over 600 employees across Mumbai, Pune, and Bengaluru. The company has done client sales worth Rs 2,000 crore in the 2022 financial year and is expected to double the figure this fiscal.
Hot Shorts⚡
Fashinza, an AI-driven B2B marketplace and real-time global supply chain for fashion brands and retailers, has raised $100 million in Series B funding round led by Prosus Ventures and Westbridge.
D2C jewellery brand Melorra has raised $16 million in its Series D funding round led by Axis Growth Avenues AIF-I, SRF Family Office, N+1, and existing investors.
Cryptotech startup Coinshift has raised $15 million in Series A funding round led by Tiger Global and Sequoia Capital India.
SpeEdLabs, an AI-based edtech platform, has received Rs 14.31 crore in Pre-Series A round of funding led by investment platform Mumbai Angels Network.
➡️ Check out our LinkedIn space for more on the funding deals.
LIC falls on Day One, but market hopeful📊
Shares of state-run Life Insurance Corp. of India (LIC) fell 8.62% on market debut on Tuesday despite investors bidding for nearly three times the shares on offer in India’s largest initial public offering.
The stock debuted on exchanges at ₹867.20, a discount to its IPO allotment price of ₹949, as weak investor sentiment and market volatility in recent days took a toll on the listing of the insurance behemoth.
The nation’s biggest insurer ended trading at ₹875.25 and is valued at around ₹5.54 trillion, making it India’s fifth-most valuable company.
LIC’s tepid debut came in even as the broader stock market surged 2.54%, led by a rally in metal stocks. The IPO was subscribed nearly three times as policyholders and retail investors bid for the shares.
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